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Spotify said its adjusted operating loss, which strips out one-offs, fell to €112m. Including advertising supported users, it now has 550m people using the app every month. Spotify signed up 10m new paying users in the second quarter of the year, hitting 220m subscribers.

It has struggled to make a profit from the operation. However, the expansion has failed to yield the hoped-for increase in advertising revenue and Spotify laid off 200 staff in its podcast division last month as well as cancelling six true crime podcasts.

Spotify invested heavily in podcasts as part of an expansion beyond music, signing up the Sussexes as well as stars such as US host Joe Rogan. The podcasting write down contributed to a widening €302m loss for the music streaming service, with the company also taking charges on reducing its office space as it makes job cuts. Speaking to investors, Daniel Ek, Spotify’s chief executive, said the company was “stepping out of some deals and relationships that haven’t worked out” and admitted that in some cases “we overpaid relative to what we should have done”. The partnership was later broken up and Bill Simmons, an executive and podcast host at Spotify, has called the pair “f-g grifters”. The commercial arrangements have not been disclosed.Īrchetypes, the only podcast that the Sussexes made for Spotify, was cancelled after one season. The Duke and Duchess reportedly failed to meet performance targets to secure the full payout. Last month Spotify and Archewell Audio, Prince Harry and Meghan Markle’s podcast production company, agreed to mutually terminate a $20m (£16m) deal they signed in 2020.

Spotify has recently been making heavy cutbacks in its podcasting division after spending millions expanding into the market. The music streaming service revealed that it had taken the writedown in the second quarter of the year as a result of “write offs and contract termination” costs “in connection with rationalising our podcast content portfolio”. Spotify has taken a €39m (£34m) hit on podcasts after ditching a string of deals including its high-profile tie-up with the Duke and Duchess of Sussex.

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